TVS iQube New Variants Launch Likely In 2024

TVS Motor Company will be expanding its electric vehicle lineup soon as some new details about the TVS iQube were revealed in a recent earnings call. 

In the earnings call, K N Radhakrishnan, Director and CEO of TVS Motor Company said, “We will be announcing multiple options in TVS iQube to provide appropriate range and price combinations with different battery capacity to our customer because this is very very critical. This is also our insight from our customer understanding” 

The TVS iQube is the second-highest selling electric scooter in India. Even though the FAME 2 (Faster Adoption & Manufacturing of Electric Vehicles in India) subsidy ended on March 31, 2024 and was replaced by the EMPS 2024 (Electric Mobility Promotion Scheme 2024) subsidy starting from April 2024, the prices of TVS iQube and its variants in India did not go up substantially. 

So in order to be at the top in terms of sales numbers, we think TVS will be launching more affordable variants of the electric scooter because the current prices of the TVS iQube (Rs 1,36,628) and TVS iQube S (Rs 1,46,420, both prices ex-showroom Bengaluru including EMPS 2024) are closer to the price tags of the top-end Ather scooters and Ola Electric scooters. Many manufacturers offer the same product at different price points with different features and range because it allows greater flexibility to the customer based on their needs. So TVS bringing out multiple variants of the iQube is a sound business decision. Expect TVS to first bring out a variant with a price tag of around Rs 1 lakh. This should help the manufacturer compete with the upcoming affordable Bajaj Chetak variant, which is all set to be launched this month. Also, if TVS sees enough interest and demand in the iQube ST, then there might be a possibility that the variant gets launched later this year. 

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In the same earnings call, K N Radhakrishnan also revealed that the deliveries of the TVS X will start in the next few weeks. TVS’ flagship electric scooter was launched last year and initially, deliveries were planned to start in a phased manner from December 2023 onwards. The TVS X costs Rs 2,49,990 (ex-showroom Bengaluru) and EMPS 2024 subsidy is not applicable for the electric scooter.